Enterprise Financial Services Corp (NASDAQ:EFSC) Q3 2023 Earnings Conference Call October 24, 2023 11:00 AM ET
Company Participants
James Lally - President and Chief Executive Officer
Scott Goodman - President of Enterprise Bank & Trust
Keene Turner - Senior Executive Vice President and Chief Financial Officer
Conference Call Participants
Jeffrey Rulis - D.A. Davidson & Co.
Andrew Liesch - Piper Sandler & Co.
Damon DelMonte - Keefe, Bruyette, & Woods, Inc.
Brian Martin - Janney Montgomery Scott LLC
Operator
Thank you for standing by. At this time, I would like to welcome everyone to the Enterprise Financial Services Corp Third Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
Jim Lally, President and CEO, Enterprise Financial Corp. You may begin your conference.
James Lally
Thank you, and thank you all very much for joining us this morning and welcome to our 2023 third quarter earnings call. Joining me this morning is Keene Turner, EFSC's Chief Financial Officer and Chief Operating Officer; and Scott Goodman, President of Enterprise Bank & Trust.
Before we begin, I would like to remind everybody on the call that a copy of the release and accompanying presentation can be found on our website. The presentation and earnings release were furnished on SEC Form 8-K yesterday. So please refer to Slide 2 of the presentation titled Forward-Looking Statements and our most recent 10-K and 10-Q for reasons why actual results may vary from any forward-looking statements that we make today.
The third quarter represents a strong performance during a series of rapid changes affecting the economic and therefore banking landscape. Our business model, associate base and management team has been constructed to perform during times of challenge. Our teams are adept at navigating difficult circumstances and using them to differentiate our strength as a banking partner.
Over the last several years, we have worked diligently to diversify our business model such that we do not have to depend on any one business, market or asset class to produce high quality and predictable earnings. Our third quarter financial results and momentum that we've displayed on both sides of the balance sheet during all of 2023 are the results of this corporate strategy. The business model delivered well again in the third quarter of 2023.
Our financial scorecard begins on Slide 3. Our strong financial performance continued during the third quarter. We earned net income of $44.7 million or $1.17 per diluted share, and we produced an ROAA of 1.26% and a PPNR ROAA of 1.84%. These results reflect a robust earnings profile that easily allowed us to absorb some deterioration in credit during the third quarter.